JPMorgan shares jump during CEO Jamie Dimon's testimony. (Bloomberg )
Maybe Jamie Dimon is more crooner than he is a banker -- at least in the ears of investors.
JPMorgan Chase & Co. shareholders got a big boost as soon as their chairman and chief executive opened his mouth in testimony before Congress. The stock surged 1.6% on Wednesday to $34.30 at the closing bell -- a nearly $2-billion boost to the company’s market value on a day when Wall Street tumbled.
They don’t call Dimon “the king of Wall Street” for nothing.
In nearly two hours of testimony, Dimon told Congress the big bank took risks that were not complely understood. He apologized, yet again, about racking up more than $2 billion in trading losses.
With such a nice pop in the stock, maybe JPMorgan needs to get Dimon to testify more often. It would be a lot of appearences. The stock is down 15% since Dimon disclosed May 11 that the bank had suffered big trading losses.
Other banks might also want to thank Dimon for his appearance. Wells Fargo & Co. shares rose 0.9% to $31.58, Citigroup Inc. climbed 0.2% to $27.66, and Bank of America Corp. edged up 0.1% to $7.50.
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